If you delay in filling ITR, then you will not get these benefits | Jagran Business- Watch Video

Tax is the main source of income of the government in India and a major part of it comes from Income Tax. Income tax is levied on the income of individuals. It is necessary to fill Income Tax Return (ITR) for the people who come under its ambit. For this, the Income Tax Department fixes the deadline, before which taxpayers have to file ITR. Most people think that filing ITR is just a legal requirement. But they do not know that it also has many benefits.

Avoid Penalty 

It is necessary to file income tax return on time to avoid penalty and interest. If this work is not completed within the stipulated period, then a fine of up to Rs 5000 can be imposed. If you keep postponing the filing, the penalty can go up to Rs 10,000. Apart from this, if you have any tax dues and do not pay them by the deadline, you will have to pay interest on the outstanding amount.